Payroll Protection Program Flexibility Act
Payroll Protection Program (PPP) Flexibility Act was signed into law last week.
We received the following information from the SBA this morning and will share their rules and guidance with you as soon as we can.
SBA Announcement on Upcoming Procedures as a result of the PPP Flexibility Act
SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP. These modifications will implement the following important changes:
Gov. Little to Offer Back-to-Work Cash Bonuses
Many nonprofits had reported difficulty in getting employees back to work after being laid off due to the additional $600 unemployment benefit that the CARES Act provided. We have been sharing this information with our state leadership and are pleased to share this news from last week. Nonprofits and small businesses both had the same challenge and our state is working to address it:
Recently, Governor Brad Little announced his plan to offer up to $1,500 cash to Idahoans who return to work.
More than 60-percent of Americans who are out of work due to the coronavirus pandemic earn more with the enhanced unemployment benefits than their normal wages. The enhanced benefits are set to expire next month, making it even more important to get Idahoans back to work.
“A strong economic rebound cannot occur without workers returning to a job, and the new Return to Work cash bonuses incentivize our workforce to get back to work safely. Like other states, Idaho went from record employment to record unemployment levels in a matter of weeks. Our hearts go out to those who lost jobs or income due to the global pandemic,” Governor Little said.
The executive committee of the Idaho Workforce Development Council will discuss the plan next week. Under Governor Little’s plan, up to $100 million in federal relief funds will be made available to Idaho workers who are eligible for unemployment benefits during the coronavirus pandemic.
Governor Little’s plan includes one-time cash bonuses of $1,500 for full-time work and $750 for part-time work and will be provided to the worker after return to the workplace.
The funds will be available on a first-come, first-served basis for qualified applicants.
Governor Little will work with the Idaho Workforce Development Council and his Coronavirus Financial Advisory Committee to finalize the plan and eligibility requirements. More information on eligibility and how to apply for a Return to Work cash bonus are expected to be available by June 15 at Rebound.Idaho.Gov.
Idaho was one of the last states with a confirmed coronavirus case and one of the first with a concrete plan in place to open the economy responsibly and safely in stages. Ninety percent of businesses were able to open their doors on May 1, and today nearly all businesses are able to open.
NOTE: Cash bonuses are available to anyone who filed a UI claim since March 1 – even those who have already returned to a job since then. It is first come first served.
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